-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Swg8Uegv10iqTwU9X086tG8ktUouthXpsIG6Nc4u/I83gH50pL9hVFoi/mNk7X3m VZ2ErOoA+0Qyc8niTX3rpQ== 0000950109-03-000179.txt : 20030121 0000950109-03-000179.hdr.sgml : 20030120 20030121090408 ACCESSION NUMBER: 0000950109-03-000179 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030121 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED BANKSHARES INC/WV CENTRAL INDEX KEY: 0000729986 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 550641179 STATE OF INCORPORATION: WV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 002-86947 FILM NUMBER: 03518655 BUSINESS ADDRESS: STREET 1: 300 UNITED CTR STREET 2: 500 VIRGINIA ST E CITY: CHARLESTON STATE: WV ZIP: 25301 BUSINESS PHONE: 3044248761 MAIL ADDRESS: STREET 1: 300 UNITED CT STREET 2: 500 VIRGINIA SUITE CITY: CHARLESTON STATE: WV ZIP: 25301 8-K 1 d8k.htm UNITED BANKSHARES, INC. - CURRENT REPORT United Bankshares, Inc. - Current Report
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):
January 21, 2003
 
 
United Bankshares, Inc.
(Exact name of registrant as specified in its charter)
 
West Virginia
  
No. 0-13322
  
55-0641179
(State or other jurisdiction of
incorporation or organization)
  
(Commission File Number)
  
(I.R.S. Employer
Identification No.)
 
300 United Center
500 Virginia Street, East
Charleston, West Virginia 25301
(Address of Principal Executive Offices)
 
(304) 424-8800
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name or address, if changed since last report)
 

 
Item 5.    Other Events
 
On January 21, 2003 United Bankshares, Inc. (“United”) announced its earnings for the fourth quarter and year of 2002. A copy of the press release is attached as Exhibit 99.1 to this report. Additionally, United provided supplemental financial information for analysts and other interested investors which is attached as Exhibit 99.2 to this report.
 
Item 7.    Financial Statements and Exhibits
 
(c
)
   
Exhibits
      
99.1    Press Release, dated January 21, 2003, issued by United Bankshares, Inc.
      
99.2    Unaudited Supplemental Financial Information

SIGNATURES
 
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
       
UNITED BANKSHARES, INC.
Date:
  
January 21, 2003
      
By:
  
/s/  Steven E. Wilson        
           
Steven E. Wilson, Executive Vice
President, Treasurer, Secretary and Chief Financial Officer
EX-99.1 3 dex991.txt PRESS RELEASE EXHIBIT 99.1 News Release - -------------------------------------------------------------------------------- [LOGO]UNITED BANKSHARES, INC. For Immediate Release Contact: Steven E. Wilson January 21, 2003 Chief Financial Officer (304) 424-8704 United Bankshares, Inc. Achieves Record Earnings PARKERSBURG, WV-- United Bankshares, Inc. (NASDAQ: UBSI), announced today record earnings for both the year and fourth quarter of 2002. United's 2002 annual earnings totaled a record $88.9 million, an 11.2% increase over the $80.0 million earned for 2001. Diluted earnings per share were $2.06 for 2002 compared to $1.90 for 2001, an increase of 8.4% for the year. United generated net income of $22.6 million for the fourth quarter of 2002, an increase of 7.1% over the $21.1 million earned in the fourth quarter of 2001. Diluted earnings per share for the fourth quarter of 2002 were 53(cent), an increase of 8.2% compared with 49(cent) reported during the fourth quarter last year. United's earnings performance produced a return on average assets of 1.59% and a return on average shareholders' equity of 16.73% for the year of 2002, as compared to 1.59% and 17.51%, respectively, for the year 2001. For the fourth quarter of 2002, the annualized return on average assets was 1.55% and the annualized return on average shareholders' equity was 16.39% compared with annualized returns of 1.58% and 17.36%, respectively, for the fourth quarter of 2001. These key financial performance indicators are reflective of United's earnings strength as United continues to compare very favorably with the best performing regional banking companies in the nation. Noninterest income growth of 18.1% and 22.4% for the year and fourth quarter of 2002, respectively, was driven primarily by increased mortgage-banking income. For the fourth quarter of 2002, noninterest income, excluding security transactions, totaled $22.8 million, an increase of $5.9 million or 35.2% from the fourth quarter of 2001. The growth in noninterest income for both periods was primarily the result of increased revenues from the mortgage-banking segment as United's mortgage subsidiary originated mortgage loans for sale in the secondary market of over $1.0 billion during the fourth quarter and over $3.1 billion for the year ended December 31, 2002. Mortgage loan originations increased by 40% and 36%, respectively, for the fourth quarter and year of 2002 when compared to the same periods of 2001. Income from mortgage-banking operations increased $3.9 million or 51.6% for the fourth quarter of 2002 as compared to the fourth quarter of 2001. On a linked-quarter basis, mortgage-banking income for the fourth quarter of 2002 was 1.2% higher than the $11.2 million earned for the third quarter of 2002. Also contributing to the increase in noninterest income during the fourth quarter of 2002 was a $1.5 million increase in deposit service fees. Noninterest income, excluding security transactions, for the year of 2002 was $79.7 million, an increase of $17.0 million or 27.1% from the same period in 2001 primarily due to increases of $9.6 million and $3.7 million in mortgage-banking income and deposit services fees, respectively. Trust and brokerage income also showed increases quarter-over-quarter and year-over-year as estate and trust distribution fees and brokerage commissions increased due to growth in both the number of accounts and volume of transactions. Trust and brokerage revenues totaled $2.2 million for the fourth quarter, an increase of 14.5% compared to the fourth quarter of 2001. For the year trust and brokerage income was up a healthy 8.3% over 2001. United Bankshares, Inc. Achieves... January 21, 2003 Page Two Included in the security transactions' totals for 2002 and 2001 are recognized charges of $7.0 million and $1.2 million, respectively, related to an other-than-temporary decline in the fair value of retained interests in securitized assets for the years ended December 31, 2002 and 2001. The decline in the value of these available for sale securities was the result of an increase in the level of prepayment and default activity during the time periods, which negatively effected the valuation of those securities. Also contributing to United's record earnings performance was increased tax-equivalent net interest income for the fourth quarter and year of 2002 as compared with the same periods of 2001. Tax-equivalent net interest income for the fourth quarter of 2002 was $53.8 million, an increase of $2.8 million or 5.4% from the fourth quarter of 2001. The net interest margin for the fourth quarter of 2002 was 3.96%, which is an 11 basis point contraction from the previous year's fourth quarter net interest margin of 4.07%. Tax-equivalent net interest income for the year of 2002 reached $217.9 million, an increase of $21.2 million or 10.8% from the prior year. The 2002 net interest margin reflected a 3 basis point increase from 4.12% for 2001 to 4.15% for 2002. This year's increased tax-equivalent net interest income over last year's results was primarily due to increases in the volume of interest earning assets and interest bearing liabilities from the Century Bancshares acquisition that was consummated in December of 2001 and increases in average loans held for sale. On a linked quarter basis, tax-equivalent net interest income decreased $2.7 million or 4.7% while the net interest margin decreased 30 basis points from the third quarter of 2002. The third quarter 2002 results included a $1.1 million dividend payment plus interest during the quarter on a $10 million trust preferred security previously classified as nonaccrual. As in the case with many financial institutions, management anticipates that the net interest margin will continue to contract in the coming months as United's assets reprice at historically low levels with little flexibility for a corresponding decrease in rates paid on its interest-bearing liabilities. United's credit quality continues to be sound, comparing favorably to national peer group averages. Nonperforming loans were $15.4 million or 0.43% of loans, net of unearned income at December 31, 2002 compared to $17.6 million or 0.50% of loans, net of unearned income at December 31, 2001. Net charge-offs were $2.2 million for the fourth quarter of 2002, a decline from $3.9 million for the fourth quarter of 2001. Net charge-offs were $8.0 million for the year of 2002, down $2.6 million from net charge-offs of $10.6 million for the year of 2001. For the quarters ended December 31, 2002 and 2001, the provision for loan losses was $2.2 million and $4.0 million, respectively, while the provision for the year was $7.9 million for 2002 as compared to $12.8 million for 2001. As of December 31, 2002, the allowance for loan losses was $47.4 million or 1.33% of loans, net of unearned income, compared to 1.35% reported at December 31, 2001. Noninterest expense increased $8.2 million or 26.8% and $28.4 million or 24.5% during the three and twelve-month periods ended December 31, 2002, respectively, as compared to the same periods last year. Noninterest expense totaled $38.6 million for the fourth quarter of 2002 compared with $30.4 million for the fourth quarter of 2001 and $38.7 million for the third quarter of 2002. For the year 2002, noninterest expense amounted to $144.1 million as compared to $115.7 million for 2001. The noninterest expense increases for the year and the fourth quarter over the same periods of last year were primarily due to increased employee salaries and related benefits. The increase in salaries resulted from record originations in the mortgage-banking segment United Bankshares, Inc. Achieves... January 21, 2003 Page Three where compensation and incentives for personnel are tied to activity levels. The increase in benefits was due to additional pension expense in 2002. United's net occupancy expense increased for both the year and fourth quarter of 2002 compared to the same periods of 2001 due to building and rental costs from the additional branch locations added by the Century acquisition which was only included in United's results for one month of 2001. Other noninterest expense reflected an increase of $0.93 million or 7.6% for the fourth quarter of 2002 and an increase of $7.0 million or 15.8% for the year as compared to the fourth quarter and year of 2001, respectively. The increases in other expense for the quarter and year were from the higher level of general operating expenses from the Century acquisition. On a linked-quarter basis, noninterest expense remained flat as it declined less than one-half of one percent. The efficiency ratio was still very low at 49.66% and 47.59% for the fourth quarter and year of 2002, respectively. This ratio compares very favorably to regional and national peer group banking companies. As a result of United's fourth quarter 2002 adoption of SFAS No. 147, which changed the accounting rules for the recognition of goodwill amortization associated with certain branch acquisitions, United ceased amortization of goodwill on branch acquisitions that were acquisitions of businesses. The favorable reduction in goodwill amortization expense was approximately $302 thousand. In accordance with the adoption of SFAS No. 142 effective January 1, 2002, United ceased amortization of goodwill associated with certain prior business combinations. Prior to the adoption of SFAS No. 142, other noninterest expense for the fourth quarter and year of 2001 included amortization of goodwill of $0.6 million and $2.5 million, respectively. During the fourth quarter, United's Board of Directors declared a cash dividend of 25(cent) per share, which represented a 9% increase over the 23(cent) paid in the fourth quarter of 2001 and a 4% increase from the 24(cent) paid in the third quarter of 2002. Dividends per share of 95(cent) for 2002 represented a 4% increase over the 91(cent) per share paid for 2001. The year 2002 was the 29th consecutive year of dividend increases to United shareholders. United Bankshares, with $5.8 billion in assets, presently has 85 full-service offices in West Virginia, Virginia, Maryland, Ohio, and Washington, D.C. United Bankshares stock is traded on the NASDAQ (National Association of Securities Dealers Quotation System) National Market System under the quotation symbol "UBSI". This press release contains certain forward-looking statements, including certain plans, expectations, goals and projections, which are subject to numerous assumptions, risks and uncertainties. Actual results could differ materially from those contained in or implied by such statements for a variety of factors including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of business strategies; the nature and extent of governmental actions and reforms; and rapidly changing technology and evolving banking industry standards. UNITED BANKSHARES, INC. AND SUBSIDIARIES FINANCIAL SUMMARY (In Thousands Except for Per Share Data)
Three Months Ended Year Ended ---------------------------------- ---------------------------------- December 31 December 31 December 31 December 31 2002 2001 2002 2001 ---------------------------------- ---------------------------------- EARNINGS SUMMARY: Interest income, taxable equivalent $85,759 $89,575 $350,453 $372,208 Interest expense 31,968 38,542 132,557 175,507 Net interest income, taxable equivalent 53,791 51,033 217,896 196,741 Taxable equivalent adjustment 2,670 2,954 10,975 11,638 Net interest income 51,121 48,079 206,921 185,103 Provision for loan losses 2,212 4,046 7,937 12,833 Income from mortgage banking operations 11,341 7,481 36,142 26,518 Gain (loss) on security transactions (1,305) 705 (6,266) (518) Other noninterest income 11,507 9,422 43,603 36,205 Noninterest expenses 38,574 30,414 144,130 115,745 Income taxes 9,325 10,152 39,400 38,739 Net income 22,553 21,075 88,933 79,991 Net income adjusted for FAS 142 and 147/(1)/ 22,327 21,696 88,933 82,474 Cash dividends paid 10,526 9,892 40,388 38,096 PER COMMON SHARE: Net income: Basic 0.53 0.51 2.09 1.93 Diluted 0.53 0.49 2.06 1.90 Diluted adjusted for FAS 142 and 147/(1)/ 0.52 0.51 2.06 1.96 Cash dividends paid 0.25 0.23 0.95 0.91 Book value 12.88 11.80 Closing market price 29.06 28.86 Common shares outstanding: Actual, net of treasury shares 42,031,968 42,926,511 Average basic 42,155,892 41,559,161 42,537,980 41,497,304 Average diluted 42,669,955 42,217,513 43,113,347 42,064,919 FINANCIAL RATIOS: Return on average assets 1.55% 1.58% 1.59% 1.59% Return on average shareholders' equity 16.39% 17.36% 16.73% 17.51% Average equity to average assets 9.47% 9.11% 9.51% 9.06% Net interest margin 3.96% 4.07% 4.15% 4.12% December 31 December 31 2002 2001 ---------------- ----------------- PERIOD END BALANCES: Assets $5,792,019 $5,631,775 Earning assets 5,454,471 5,301,211 Loans, net of unearned income 3,573,161 3,502,334 Loans held for sale 582,718 368,625 Investment securities 1,285,490 1,428,716 Total deposits 3,900,848 3,787,793 Shareholders' equity 541,539 506,529
/(1)/ As required, United discontinued the amortization of goodwill in accordance with Financial Accounting Standards Board Statements No. 142 and No. 147. These amounts have been adjusted for periods prior to January 1, 2002 to present those amounts on a comparable basis with the periods subsequent to January 1, 2002. EX-99.2 4 dex992.txt UNAUDITED SUPPLEMENT FINANCIAL INFORMATION EXHIBIT 99.2 UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Consolidated Statements of Income
Three Months Ended ---------------------------------------------------------------------------------- December December September June March 2002 2001 2002 2002 2002 -------------- -------------- -------------- -------------- -------------- Interest & Loan Fees Income $83,089 $86,621 $86,413 $84,738 $85,238 Tax Equivalent Adjustment 2,670 2,954 2,725 2,779 2,803 -------------- -------------- -------------- -------------- -------------- Interest & Fees Income (FTE) 85,759 89,575 89,138 87,517 88,041 Interest Expense 31,968 38,542 32,677 33,322 34,590 -------------- -------------- -------------- -------------- -------------- Net Interest Income (FTE) 53,791 51,033 56,461 54,195 53,451 Loan Loss Provision 2,212 4,046 1,823 1,675 2,227 Non-Interest Income: Inv. Securities Transactions (1,305) 705 (4,368) (289) (304) Trust Revenue 2,200 1,922 2,303 2,115 2,274 Service Charges on Deposits 8,722 7,196 8,299 7,833 7,155 Income from Mortgage Banking Operations 11,341 7,481 11,203 7,148 6,450 Other Non-Interest Revenue 585 304 1,292 463 362 -------------- -------------- -------------- -------------- -------------- Total Non-Interest Income 21,543 17,608 18,729 17,270 15,937 -------------- -------------- -------------- -------------- -------------- Non-Interest Expense: Staff Expense 21,632 15,530 21,595 19,158 17,614 Occupancy & Equipment 3,733 2,608 3,252 3,421 2,639 Other Expenses 12,538 11,059 12,903 11,667 10,826 Amortization of Intangibles 249 902 562 249 585 OREO Expense 264 157 231 168 165 FDIC Expense 158 158 154 166 201 -------------- -------------- -------------- -------------- -------------- Total Non-Interest Expense 38,574 30,414 38,697 34,829 32,030 -------------- -------------- -------------- -------------- -------------- Pre-Tax Earnings (FTE) 34,548 34,181 34,670 34,961 35,131 Tax Equivalent Adjustment 2,670 2,954 2,725 2,779 2,803 -------------- -------------- -------------- -------------- -------------- Reported Pre-Tax Earnings 31,878 31,227 31,945 32,182 32,328 Taxes 9,325 10,152 9,592 9,976 10,507 -------------- -------------- -------------- -------------- -------------- Net Income $22,553 $21,075 $22,353 $22,206 $21,821 ============== ============== ============== ============== ============== MEMO: Effective Tax Rate 29.25% 32.51% 30.03% 31.00% 32.50%
UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Consolidated Statements of Income
Year-to-Date ----------------------------------------------------------------- December December December December 2002 2001 2000 1999 -------------- -------------- -------------- -------------- Interest & Loan Fees Income $339,478 $360,610 $377,847 $354,665 Tax Equivalent Adjustment 10,975 11,638 11,093 8,273 -------------- -------------- -------------- -------------- Interest & Fees Income (FTE) 350,453 372,248 388,940 362,938 Interest Expense 132,557 175,507 197,766 174,402 -------------- -------------- -------------- -------------- Net Interest Income (FTE) 217,896 196,741 191,174 188,536 Loan Loss Provision 7,937 12,833 15,745 8,800 Non-Interest Income: Inv. Securities Transactions (6,266) (518) (13,864) 677 Trust Revenue 8,892 8,213 7,053 6,020 Service Charges on Deposits 32,009 26,624 22,402 19,863 Income/(loss) from Mortgage Banking Operations 36,142 26,518 16,340 22,392 Other Non-Interest Revenue 2,702 1,368 1,855 2,126 -------------- -------------- -------------- -------------- Total Non-Interest Income 73,479 62,205 33,786 51,078 -------------- -------------- -------------- -------------- Non-Interest Expense: Staff Expense 79,999 61,109 53,174 60,111 Occupancy & Equipment 13,045 10,514 11,787 12,206 Other Expenses 47,934 39,219 41,106 40,693 Amortization of Intangibles 1,645 3,288 3,266 3,279 OREO Expense 828 653 216 508 FDIC Expense 679 962 873 722 -------------- -------------- -------------- -------------- Total Non-Interest Expense 144,130 115,745 110,422 117,519 -------------- -------------- -------------- -------------- Pre-Tax Earnings (FTE) 139,308 130,368 98,793 113,295 Tax Equivalent Adjustment 10,975 11,638 11,093 8,273 -------------- -------------- -------------- -------------- Reported Pre-Tax Earnings 128,333 118,730 87,700 105,022 Taxes 39,400 38,739 28,724 34,774 -------------- -------------- -------------- -------------- Net Income $88,933 $79,991 $58,976 $70,248 ============== ============== ============== ============== MEMO: Effective Tax Rate 30.70% 32.63% 32.75% 33.11%
UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data) Consolidated Balance Sheets
December 31 December 31 2002 2001 Q-T-D Q-T-D December 31 December 31 December 31 Average Average 2002 2001 2000 ----------- ----------- ----------- ----------- ----------- Cash & Cash Equivalents $ 145,773 $ 126,502 $ 175,363 $ 157,394 $ 144,810 Securities Available for Sale 1,078,187 1,212,454 1,022,314 1,149,073 865,266 Held to Maturity Securities 267,874 280,476 263,176 281,636 380,068 ----------- ----------- ----------- ----------- ----------- Total Securities 1,346,061 1,492,930 1,285,490 1,430,709 1,245,334 ----------- ----------- ----------- ----------- ----------- Total Cash and Securities 1,491,834 1,619,432 1,460,853 1,588,103 1,390,144 ----------- ----------- ----------- ----------- ----------- Loans held for sale 553,334 338,377 582,718 368,625 203,831 Commercial Loans 1,923,856 1,697,468 1,885,275 1,849,208 1,527,008 Mortgage Loans 1,272,380 1,206,077 1,335,606 1,313,891 1,359,044 Consumer Loans 358,688 311,399 352,280 339,235 306,442 ----------- ----------- ----------- ----------- ----------- Loans & Leases, net of unearned income 3,554,924 3,214,944 3,573,161 3,502,334 3,192,494 Reserve for loan & Lease Losses (47,359) (43,818) (47,387) (47,408) (40,532) Goodwill 90,631 45,393 90,416 80,848 35,102 Other Intangibles 6,130 4,675 5,869 7,750 4,122 ----------- ----------- ----------- ----------- ----------- Total Intangibles 96,761 50,068 96,285 88,598 39,224 Real Estate Owned 4,327 5,555 4,267 2,763 2,109 Other Assets 114,342 103,807 122,122 128,760 117,277 ----------- ----------- ----------- ----------- ----------- Total Assets $ 5,768,163 $ 5,288,365 $ 5,792,019 $ 5,631,775 $ 4,904,547 =========== =========== =========== =========== =========== MEMO: Earning Assets $ 5,422,822 $ 5,010,886 $ 5,454,471 $ 5,301,211 $ 4,643,668 =========== =========== =========== =========== =========== Interest-bearing Deposits $ 3,186,069 $ 2,959,481 $ 3,161,620 $ 3,134,008 $ 2,852,034 Noninterest-bearing Deposits 647,289 537,600 739,228 653,785 539,415 ----------- ----------- ----------- ----------- ----------- Total Deposits 3,833,358 3,497,081 3,900,848 3,787,793 3,391,449 Short-term Borrowings 606,887 531,878 573,549 527,128 333,716 Long-term Borrowings 693,878 698,492 708,573 745,255 706,512 ----------- ----------- ----------- ----------- ----------- Total Borrowings 1,300,765 1,230,370 1,282,122 1,272,383 1,040,228 Other Liabilities 88,015 79,270 67,510 65,070 42,000 ----------- ----------- ----------- ----------- ----------- Total Liabilities 5,222,138 4,806,721 5,250,480 5,125,246 4,473,677 ----------- ----------- ----------- ----------- ----------- Common Equity 546,025 481,644 541,539 506,529 430,870 ----------- ----------- ----------- ----------- ----------- Total Shareholders' Equity 546,025 481,644 541,539 506,529 430,870 ----------- ----------- ----------- ----------- ----------- Total Liabilities & Equity $ 5,768,163 $ 5,288,365 $ 5,792,019 $ 5,631,775 $ 4,904,547 =========== =========== =========== =========== ===========
UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data)
Three Months Ended ---------------------------------------------------------------- December December September June March Quarterly Share Data: 2002 2001 2002 2002 2002 ------------ ------------ ------------ ------------ ------------ Earnings Per Share: Basic $ 0.53 $ 0.51 $ 0.53 $ 0.52 $ 0.51 Diluted $ 0.53 $ 0.49 $ 0.52 $ 0.51 $ 0.50 Common Dividend Declared Per Share $ 0.25 $ 0.23 $ 0.24 $ 0.23 $ 0.23 High Common Stock Price $ 31.50 $ 29.50 $ 31.65 $ 32.25 $ 29.97 Low Common Stock Price $ 26.09 $ 26.25 $ 24.88 $ 27.18 $ 27.56 Average Shares Outstanding: (Net of Treasury Stock): Basic 42,155,892 41,559,161 42,419,925 42,691,886 42,899,060 Diluted 42,669,955 42,217,513 43,103,509 43,391,049 43,548,650 Memorandum Items: Tax Applicable to Security Transactions ($457) $ 247 ($1,529) ($101) ($106) Common Dividends $ 10,526 $ 9,892 $ 10,192 $ 9,801 $ 9,869
Year-to-Date --------------------------------------------------- December December December December YTD Share Data: 2002 2001 2000 1999 ------------ ------------ ------------ ------------ Earnings Per Share: Basic $ 2.09 $ 1.93 $ 1.41 $ 1.63 Diluted $ 2.06 $ 1.90 $ 1.40 $ 1.61 Common Dividend Declared Per Share $ 0.95 $ 0.91 $ 0.84 $ 0.82 Average Shares Outstanding: (Net of Treasury Stock): Basic 42,537,980 41,497,304 41,958,956 43,100,977 Diluted 43,113,347 42,064,919 42,260,270 43,722,081 Memorandum Items: Tax Applicable to Security Transactions ($2,193) ($181) ($4,852) $ 237 Common Dividends $ 40,388 $ 38,096 $ 35,285 $ 35,367 EOP Employees (full-time equivalent) 1,460 1,361 1,288 1,387
December December September June March EOP Share Data: 2002 2001 2002 2002 2002 ------------ ------------ ------------ ------------ ------------ Book Value Per Share $ 12.88 $ 11.80 $ 12.72 $ 12.53 $ 11.81 Tangible Book Value Per Share $ 10.59 $ 9.73 $ 10.40 $ 10.21 $ 9.74 52-week High Common Stock Price $ 32.25 $ 29.50 $ 32.25 $ 32.25 $ 29.97 Date 05/06/02 12/31/01 05/06/02 05/06/02 03/28/02 52-week Low Common Stock Price $ 24.88 $ 19.44 $ 24.88 $ 23.20 $ 21.55 Date 07/24/02 03/22/01 07/24/02 09/21/01 04/17/01 EOP Shares Outstanding (Net of Treasury Stock): 42,031,968 42,926,511 42,277,711 42,560,428 42,812,217
UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data)
Three Months Ended ------------------------------------------------------------------------------ December December September June March 2002 2001 2002 2002 2002 -------------- -------------- -------------- -------------- -------------- Selected Yields and Net Interest Margin: Loans 6.61% 7.55% 6.89% 7.14% 7.27% Investment Securities 5.35% 6.10% 6.23% 6.09% 6.23% Money Market Investments/FFS 2.63% 1.88% 1.72% 1.27% 1.78% Average Earning Assets Yield 6.30% 7.12% 6.71% 6.81% 6.89% Interest-bearing Deposits 2.28% 3.29% 2.42% 2.60% 2.81% Short-term Borrowings 1.81% 2.39% 2.02% 2.02% 2.03% Long-term Borrowings 6.23% 6.12% 6.19% 6.19% 6.12% Average Liability Costs 2.83% 3.65% 2.96% 3.11% 3.25% Net Interest Spread 3.47% 3.47% 3.75% 3.71% 3.64% Net Interest Margin 3.96% 4.07% 4.26% 4.22% 4.16% Selected Financial Ratios: Return on Average Common Equity 16.39% 17.36% 16.37% 17.02% 17.19% Return on Average Assets 1.55% 1.58% 1.58% 1.62% 1.61% Efficiency Ratio 49.66% 43.21% 47.64% 47.96% 44.88%
Year-to-Date --------------------------------------------------------------- December December December December 2002 2001 2000 1999 -------------- -------------- -------------- -------------- Selected Yields and Net Interest Margin: Loans 6.97% 8.27% 8.98% 8.55% Investment Securities 6.00% 6.68% 6.86% 6.66% Money Market Investments/FFS 1.77% 4.31% 6.74% 6.22% Average Earning Assets Yield 6.68% 7.80% 8.34% 7.93% Interest-bearing Deposits 2.52% 4.04% 4.53% 4.24% Short-term Borrowings 1.96% 3.46% 5.37% 4.66% Long-term Borrowings 6.18% 6.28% 6.11% 5.30% Average Liability Costs 3.03% 4.37% 4.95% 4.46% Net Interest Spread 3.65% 3.43% 3.40% 3.47% Net Interest Margin 4.15% 4.12% 4.11% 4.12% Selected Financial Ratios: Return on Average Common Equity 16.73% 17.51% 14.41% 16.73% Return on Average Assets 1.59% 1.59% 1.19% 1.44% Loan / Deposit Ratio 91.60% 92.46% 100.14% 97.21% Loan Loss Reserve / Loans, net of unearned income 1.33% 1.35% 1.27% 1.25% Nonaccrual Loans / Loans, net of unearned income 0.19% 0.23% 0.26% 0.39% 90-Day Past Due Loans/ Loans, net of unearned income 0.24% 0.27% 0.15% 0.27% Non-performing Loans/ Loans, net of unearned income 0.43% 0.50% 0.40% 0.66% Non-performing Assets/ Total Assets 0.34% 0.54% 0.30% 0.48% Primary Capital Ratio 10.09% 9.75% 9.53% 8.53% Shareholders' Equity Ratio 9.35% 8.99% 8.79% 7.81% Price / Book Ratio 2.26x 2.45x 2.33x 2.82x Price / Earnings Ratio 14.09x 15.18x 15.23x 14.86x Efficiency Ratio 47.59% 43.09% 44.78% 49.16%
UNITED BANKSHARES, INC. AND SUBSIDIARIES Charleston, WV Stock Symbol: UBSI (In Thousands Except for Per Share Data)
December December September June March Asset Quality Data: 2002 2001 2002 2002 2002 -------- -------- --------- ------- ------- EOP Non-Accrual Loans $ 6,890 $ 8,068 $ 6,090 $ 7,384 $ 7,824 EOP 90-Day Past Due Loans 8,461 9,522 6,835 7,604 6,540 -------- -------- --------- ------- ------- Total EOP Non-performing Loans $ 15,351 $ 17,590 $ 12,925 $14,988 $14,364 EOP Non-performing Securities 10,000 10,000 $10,000 EOP Other Real Estate & Assets Owned 4,267 2,763 4,368 4,116 4,099 -------- -------- --------- ------- ------- Total EOP Non-performing Assets $ 19,618 $ 30,353 $ 17,293 $29,104 $28,463 ======== ======== ========= ======= =======
Three Months Ended Year to Date ------------------ -------------------------------- December December December December December 2002 2001 2002 2001 2000 -------- -------- --------- --------- --------- Charge-off Analysis: Gross Charge-offs ($ 2,499) ($ 4,092) ($ 9,499) ($12,359) ($15,845) Recoveries 302 229 1,541 1,730 1,033 -------- -------- --------- --------- --------- Net Charge-offs ($ 2,197) ($ 3,863) ($ 7,958) ($10,629) ($14,812) ======== ======== ========= ========= =========
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